India is the second largest cement market in the world, and almost all cement can be digested in the domestic market. In the first half of 2024, India's cement production capacity reached nearly 600 million tons and cement output reached 224 million tons. With the prosperity of the construction industry and the acceleration of urbanization, India's cement industry ushered in a period of rapid growth. In the first half of
2024, India's cement output was 224 million tons, an increase of 3.94% over the previous year. India's construction industry is expected to grow by 11.2% in 2024, according to the India Construction Industry Report 2024. In India's fiscal budget for the 2024-25 fiscal year, the finance minister allocated $134 billion for infrastructure construction, equivalent to 3.4% of India's GDP, higher than budget allocation for the same period last year. The booming real estate market and the government's infrastructure construction have promoted the rapid growth of India's cement industry. India's demand for cement is expected to grow at a compound annual growth rate (CAGR) of 7% over the next four years, S & P Global Ratings said. According to the 2022-23 annual report of the Ministry of Industry and Domestic Trade Promotion (DPIIT), India's cement demand will reach 550-600 million tons by 2025.